Milk Price III

whelan2

So are Glanbia the lowest on 29cpl, base price? Fair play to Kerry for increasing their base price and dropping the cent off the "hardship" payment. So will Glanbia continue the trend of the last year or so of giving a 1 or 2 cent top up fro supplies from January to June? No other co-op does this, how can they impose credit facilities on farmers at the farmers expense if they are planning to pay the money out again? It's not in any contract I've signed and not in the msa, I wonder by not paying the money when it should be paid-monthly- is it in breach of that contract?

mahoney_j

whelan2 wrote: »

So are Glanbia the lowest on 29cpl, base price? Fair play to Kerry for increasing their base price and dropping the cent off the "hardship" payment. So will Glanbia continue the trend of the last year or so of giving a 1 or 2 cent top up fro supplies from January to June? No other co-op does this, how can they impose credit facilities on farmers at the farmers expense if they are planning to pay the money out again? It's not in any contract I've signed and not in the msa, I wonder by not paying the money when it should be paid-monthly- is it in breach of that contract?

I’m thankful I’m not a glanbia supplier was tempted few years back to switch but glad I gave my current coop a year to deliever on there promises and plans my faith has been repaid in what is most important for a milk supplier milk price

wats the craic

Timmaay wrote: »

You mind saying what c/l you got on the milk cheque, and for what solids please. No worries if you don't want to.

will do dont get paid till the 21 of the month and den about 3 days later for the statement

alps

whelan2 wrote: »

So are Glanbia the lowest on 29cpl, base price? Fair play to Kerry for increasing their base price and dropping the cent off the "hardship" payment. So will Glanbia continue the trend of the last year or so of giving a 1 or 2 cent top up fro supplies from January to June? No other co-op does this, how can they impose credit facilities on farmers at the farmers expense if they are planning to pay the money out again? It's not in any contract I've signed and not in the msa, I wonder by not paying the money when it should be paid-monthly- is it in breach of that contract?

Under the "old" coop shareholder agreement, glanbia would have been required to pay you "the price" for all the milk you supplied to it, subject to any quality arrangements that may from time to time take effect.

However there was never a stipulation in these agreements as to how and when the milk should be paid for, so my guess is that unless there is an overriding clause in the MSA, that glanbia would be quiet within their rights to withold some of the payment until some future date.

wats the craic

alps wrote: »

Under the "old" coop shareholder agreement, glanbia would have been required to pay you "the price" for all the milk you supplied to it, subject to any quality arrangements that may from time to time take effect.

However there was never a stipulation in these agreements as to how and when the milk should be paid for, so my guess is that unless there is an overriding clause in the MSA, that glanbia would be quiet within their rights to withold some of the payment until some future date.

as you would be in your rights to hand in your notice and leave them . you will have to put up with their bs in that 2 year run in but believe me its well worth leaving them

whelan2

alps wrote: »

Under the "old" coop shareholder agreement, glanbia would have been required to pay you "the price" for all the milk you supplied to it, subject to any quality arrangements that may from time to time take effect.

However there was never a stipulation in these agreements as to how and when the milk should be paid for, so my guess is that unless there is an overriding clause in the MSA, that glanbia would be quiet within their rights to withold some of the payment until some future date.

Maybe we should have our own terms and conditions.
Ownership of the milk does not pass to glanbia until paid for in full. Which in this case can be 7 months.
Credit terms 1 month
Interest charged on overdue accounts

Water John

I believe Glanbia could be challenged on the basis of 'custom and practice'. This Coop, in its various entities, have bought milk from their farmer/shareholders for over 100 years. The norm, over this time has been, to pay out during the following month.

oxjkqg

Kerry put it up a cent
31 cent incl Vat

alps

Butter markets continue to weaken and sentiment now more negative. Prices for 25t bulk sweat cream pulling back also from £2.37 to £2.39/kg last week to £2.34/kg ex works start of this week. Buyers can see milk volumes starting to lift yr on yr. Spot milk big range 25ppl to 29ppl

alps

.

alps

Was hoping to post a link to Rabobank quarterly report but technology getting the better of me.

Here is the summary of that report, carrying a different sentiment to the report I posted above..

Mooooo

Dairygold up to 31.5 base. Awaiting txt to presumably confirm 1 cent hardship payment dropped. So slight increase as hardship payment last month was added posts solid adjustment

Buford T. Justice XIX

Mooooo wrote: »

Dairygold up to 31.5 base. Awaiting txt to presumably confirm 1 cent hardship payment dropped. So slight increase as hardship payment last month was added posts solid adjustment

If Dairygold is planning on sending out a few trucks up north a bit, give us a shout;)

Water John

DG won't thread on the toes of other, big boys. The last time they tried to out muscle a smaller operation, they got burned.

Buford T. Justice XIX

GDT down 1.2%.
Butter up 0.8%
Skim down 1.1%
Cheddar down 3.6%

whelan2

I got a message from a fellow glanbia supplier this morning of a letter he got in the post today about the gap scheme. This scheme is for periods when "prices are weak" Excuse me, but glanbia are the only ones with a weak milk price. Lovely to send that out a few days before milk price is set. Not too optimistic for June price now. Should be a 3cpl top up from January to June supplies. No Co op support needed either.

jaymla627

whelan2 wrote: »

I got a message from a fellow glanbia supplier this morning of a letter he got in the post today about the gap scheme. This scheme is for periods when "prices are weak" Excuse me, but glanbia are the only ones with a weak milk price. Lovely to send that out a few days before milk price is set. Not too optimistic for June price now. Should be a 3cpl top up from January to June supplies. No Co op support needed either.

I reckon the gap scheme will be renamed the adverse weather scheme and they will try and have it kicking in for June milk with it backdated for the year, probably make 2 cent available on all milk supplied this year with it to be payed back whenever things "improve" just thinking out loud but that's the kind of stroke I'd pull if I was Talbot/Bergin to get out of actually having to pay market price for milk

Keepgrowing

whelan2 wrote: »

I got a message from a fellow glanbia supplier this morning of a letter he got in the post today about the gap scheme. This scheme is for periods when "prices are weak" Excuse me, but glanbia are the only ones with a weak milk price. Lovely to send that out a few days before milk price is set. Not too optimistic for June price now. Should be a 3cpl top up from January to June supplies. No Co op support needed either.

Will you take it? We will as it’s interest free

whelan2

Keepgrowing wrote: »

Will you take it? We will as it’s interest free

No. I have other plans tbh. There should be no need for gap schemes or other makey up payments.

Keepgrowing

whelan2 wrote: »

I got a message from a fellow glanbia supplier this morning of a letter he got in the post today about the gap scheme. This scheme is for periods when "prices are weak" Excuse me, but glanbia are the only ones with a weak milk price. Lovely to send that out a few days before milk price is set. Not too optimistic for June price now. Should be a 3cpl top up from January to June supplies. No Co op support needed either.

Will you take it? We will as it’s interest free

whelan2

Keepgrowing wrote: »

Will you take it? We will as it’s interest free

I have no problem with the gap scheme, apart from when it is used as a tool for glanbia not the farmer.
BTW imo it's not interest free because it's being funded by our shares.. So it's costing us money in terms of our shareholding. It's leveraging our shares to subsidise glanbia. We end up paying back money we should have been paid outright in the first place

Keepgrowing

whelan2 wrote: »

I have no problem with the gap scheme, apart from when it is used as a tool for glanbia not the farmer.
BTW imo it's not interest free because it's being funded by our shares.. So it's costing us money in terms of our shareholding. It's leveraging our shares to subsidise glanbia. We end up paying back money we should have been paid outright in the first place

That’s a view, not fully correct but a view. I think your confusing Gap with Milk flex

whelan2

What funds gap?

Keepgrowing

whelan2 wrote: »

What funds gap?

Coop funds, fully repaid so no loss

whelan2

Keepgrowing wrote: »

Coop funds, fully repaid so no loss

How are they fully repaid if shares are sold to fund the gap and divedends are foregone and the shares not bought back

Keepgrowing

whelan2 wrote: »

How are they fully repaid if shares are sold to fund the gap and divedends are foregone and the shares not bought back

I think we’ll park this conversation, till you familiarise yourself with the source of the funds

wats the craic

whelan2 wrote: »

How are they fully repaid if shares are sold to fund the gap and divedends are foregone and the shares not bought back

i compared my milk price with my uncle the last year or so we have very similar milk solids figs and i am a clear 3 cents better off than him . that says it all really

whelan2

Keepgrowing wrote: »

I think we’ll park this conversation, till you familiarise yourself with the source of the funds

Enlighten me please.

whelan2

wats the craic wrote: »

i compared my milk price with my uncle the last year or so we have very similar milk solids figs and i am a clear 3 cents better off than him . that says it all really

You supply Strathroy ye?

jaymla627

whelan2 wrote: »

Keepgrowing wrote: »

I think we’ll park this conversation, till you familiarise yourself with the source of the funds

Enlighten me please.

Plc shares where put up as collateral, co-op can either pay back money owed 100 odd million our the entity that loaned the funds can retain the shares, which I doubt they have as they valued the plc shares at 22 euro I think, so given the current share price I reckon they will take their money instead, still wondering if the co-op have the money sitting in a account to pay it back on their side where they loaned themselves 50 million for "funding purposes at the time"